Tomorrow is Deutsche Bank's results day. Having announced 1,900 redundancies in July 2012 and declared its intention of cutting 900 front office bankers before December, 2013 is supposed to be a quiet year for Deutsche: the German bank has said that this year will be about cutting non-compensation costs rather than removing additional headcount.
It's curious, therefore, that Deutsche appears to have found a method of reducing full time headcount without necessarily cutting costs. Bloomberg reports that Deutsche has placed three to six analysts in its Dubai business on consulting contracts, which are enabling it to reduce headcount without actually making the individuals concerned redundant. The analysts will concerned will apparently lose 'some benefits' but still be eligible for medical cover and a bonus. Deutsche declined to comment.
Deutsche Bank has frozen salaries for its staff in Germany. (SuedDeutsche)
Banks like Deutsche may be spared the need for expensive restructuring under the Liikanen report. (Financial Times)
Deutsche Bank has appointed some new heads of North American corporate finance as it expands its business in the US. (Bloomberg)
Axel Weber says UBS’s downsizing is on track. (Bloomberg)
Someone has blown up Ivan Glasenberg’s personal mailbox at his home in Switzerland. (Bloomberg)
Morgan Stanley’s chief global strategist is going to the buyside. (IFRE)
Jefferies has paid its chief executive 15% of its profits. (Wall Street Journal)
Shareholders want to claw back Antony Jenkins’ bonuses at Barclays. (The Times)
3i may be acquired by a corporate raider. (Evening Standard)
The British Labour Party wants a new tax on bankers’ bonuses. (Financial Times)
Labour wants banks to reveal how many people are paid more than £1m. (Mirror)
Chris Leslie, the Shadow Treasury Minister, noted: "There is now a clear case to repeat Labour's tax on bank bonuses this year to fund a guaranteed job for young people out of work. (Herald Scotland)
JPMorgan operations professional commutes 40 miles to work on a bike. (NY Times)